Soybeans are posting 2 ½ to 4 ¾ cent higher trade to start the Wednesday session. Futures rejected any thought of a Turnaround Tuesday bounce, as contracts were down 5 to 7 ¾ cents at the closed. Product values continue to provide the pressure as crush margins (using an 11.86 lb oil yield and 44 lb meal yield) dropped to $1.20/bu, down a dime on the day. Soymeal continued to see pressure, down $1.70 to $4.40/ton across most contracts. Soy Oil posted losses of 34 to 54 points across the board.
The weekly Crop Progress report showed that just KY, LA, and MN of the 18 states reported were lagging planting pace, all by 1%. Emergence across the US was 55% complete, 3% faster than normal. The next week will provide opportunities for those who are behind to get in the field, with a drier WCB and just spotty precip totals in the ECB of an inch or less.
Brazilian analysis firm Celeres cut their soybean production number to 148.4 MMT, close to the CONAB number but still well below USDA @ 154 MMT.
Jul 24 Soybeans closed at $11.79, down 5 1/2 cents, currently up 4 3/4 cents
Nearby Cash was $11.22 5/8, down 5 1/2 cents,
Aug 24 Soybeans closed at $11.77 1/2, down 5 cents, currently up 4 cents
Nov 24 Soybeans closed at $11.56, down 7 3/4 cents, currently up 2 1/2 cents
New Crop Cash was $10.99 3/8, down 8 1/4 cents,
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